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In the coming of the modern era, a lot of new and modernized ways or methods are being practiced by the people all over the world, and one of it is the modernized payment system. Payment system is basically a term that is being done through the transfer of monetary value, and it is basically defined as any system that can help the individual settle their financial transactions. The exchange can be made possible through various elements or entities, such as standards, institutions, instruments, people, rules, technologies, and procedures. The most traditional and the most common type of payment system is the one that involves the linking process or operation of bank accounts and the monetary exchange is through the use of bank deposits. Now, that we are already living in the modern era, a new payment system used by the people that involves the use of the digital or electronic devices is the bitcoin.

Bitcoin is a term that refers to the cryptocurrency, and it is also recognized as the first decentralized digital currency that is being used by the people, nowadays. The said cryptocurrency may work without a central bank or without a single administrator. The bitcoin has been introduced to the people on the year of 2009, and it was released as a software that is categorized as an open-source, and it is believed that bitcoin was made under the name of Satoshi Nakamoto, but this specific individual or group of individuals are anonymous. The bitcoin is also recognized as a reward for a process known as mining, and the user can exchange their bitcoin for services, products, and some other currencies.

The user may store their bitcoin through a wallet, for the bitcoin wallet is designed to allow the user to spend or have an access with their bitcoin, to store any digital or electronic credentials for bitcoin holdings, and to store any necessary or important information of the user to transact bitcoin. There are definitely a lot of various types of wallet for bitcoin, but the most common wallet used by the people is the software wallet. However, the software wallets can only be used via the internet, and it has been divided into two different categories, namely the lightweight clients and the full clients.

The hardware wallet is another example of the bitcoin wallet and it is produced similarly as a USB drive, and it is most commonly recommended to the bitcoin users if they want to secure and protect their bitcoin from online hackers. The hardware wallet can absolutely protect the bitcoin user, for it can still be used without the internet, and it also functions by storing the currency and the private keys of the user. There are absolutely a lot of hardware wallets designed for bitcoin, and the people who wants to use the best one may find the best hardware wallet for them via the internet.5 Uses For FundsWhat You Should Know About Bitcoins This Year